“Mortgage rates have been drifting higher for most of the year due to sustained inflation and the reevaluation of the Federal Reserve’s monetary policy path.”

Sam Khater, Freddie Mac’s chief economist, commented on the latest Freddie Mac data that showed that the 30-year fixed-rate mortgage averaged 6.88 percent in the week ending April 11, up from 6.82 percent the previous week. Read the CNN article, “Mortgage Rates Rise After Disappointing March Inflation Report.”